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Azerbaijan Cards and Payments - Opportunities and Risks to 2025

Azerbaijan Cards and Payments - Opportunities and Risks to 2025

  • July 2022
  • 49 pages
  • ID: 6318829
  • Format: PDF
  • GlobalData


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Azerbaijan Cards and Payments - Opportunities and Risks to 2025

‘Azerbaijan Cards and Payments - Opportunities and Risks to 2025’ report provides detailed analysis of market trends in the Azerbaijani cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards and credit transfers during the review-period (2017-21e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

TThe report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The report provides top-level market analysis, information and insights into the Azerbaijani cards and payments industry, including -
- Current and forecast values for each market in the Azerbaijani cards and payments industry, including debit, and credit cards
- Detailed insights into payment instruments including cards and credit transfers. It also, includes an overview of the country’s key alternative payment instruments.
- Ecommerce market analysis.
- Analysis of various market drivers and regulations governing the Azerbaijani cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Azerbaijani cards and payments industry.

- The adoption of card payments in the transport sector will support the growth of the card payment space. In June 2021, Azericard, Visa, Azerbaijan Railways, the central bank, and International Bank of Azerbaijan installed contactless payments terminals at 14 Absheron ring railway stations, enabling travelers to pay for tickets using contactless payment cards issued by any bank in the country. Similarly, in January 2021, Baku Transport Agency installed contactless payment terminals on 320 public buses, enabling travelers to make contactless payments for journeys.
- To encourage electronic payments, the central bank launched the Instant Payment System (IPS) in October 2020, enabling users to make payments within five to 10 seconds. IPS enables transactions between individuals, businesses, and government agencies on a 24/7 basis. Users can make fund transfers through bank accounts using simplified identifiers such as P?N codes, mobile phone numbers, and email addresses, with the funds immediately available in the recipient’s bank account. Transactions can also be carried out via QR code. According to the central bank, AZN7.9 million ($4.6 million) worth of transactions were carried out via QR codes in 2021. As of February 2022, 21 banks, Azerpost, and the State Treasury Agency of the Ministry of Finance have been integrated into IPS.
- Alternative payments are also expected to gain prominence, with banks and payment services providers launching new options. Apple Pay was launched in Azerbaijan in November 2021. It allows users to conduct in-store, in-app, and online payments. The solution allows users to store their card details for future payments. Users hover their NFC-enabled device near a contactless terminal and authenticate the transaction via Touch ID, Face ID, or PIN, depending on which Apple device they own. Users can store their debit, credit, and store card details on Apple Pay and use them to make payments at merchant outlets. As of April 2022, banks supporting Apple Pay are Bank Respublika, Kapital Bank, Pasha Bank, Rabitabank, International Bank of Azerbaijan, and Unibank.

Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Azerbaijani cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Azerbaijani cards and payments industry.
- Assess the competitive dynamics in the Azerbaijani cards and payments industry.
- Gain insights into marketing strategies used for various card types in Azerbaijan.
- Gain insights into key regulations governing the Azerbaijani cards and payments industry.

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